By Rebecca Melvin
New York, Sept. 27 – New Mountain Finance Corp. priced $35 million of 5% convertibles in an add-on to form a single series with its existing $115 million aggregate principal amount of 5% unsecured convertible notes due 2019 that the company issued on June 3, 2014, according to a pricing term sheet.
The registered deal priced at 100.75% of par plus accrued interest from June 15, 2016 and at a 14.4% initial conversion premium over the last reported sale price of New Mountain’s common stock on the New York Stock Exchange on Sept. 26.
There is a $5.25 million greenshoe for the deal, which was sold via joint bookrunners Wells Fargo Securities, LLC, Goldman Sachs & Co. and Morgan Stanley & Co. LLC.
Proceeds of the notes, which mature June 15, 2019, will be used to repay outstanding debt under the company’s credit facilities and for other general corporate purposes, including working capital purposes.
New Mountain is a New York-based investment company.
| Issuer: | New Mountain Finance Corp.
|
| Issue: | Convertible notes
|
| Amount: | $35 million
|
| Greenshoe: | $5.25 million
|
| Maturity: | June 15, 2019
|
| Bookrunners: | Wells Fargo Securities, LLC, Goldman Sachs & Co., Morgan Stanley & Co. LLC
|
| Coupon: | 5%
|
| Price: | 100.75% of par, plus accrued interest from June 15, 2016
|
| Conversion premium: | 14.4%
|
| Conversion price: | $15.80
|
| Conversion ratio: | 63.2794 shares
|
| Pricing date: | Sept. 26
|
| Settlement date: | Sept. 30
|
| Distribution: | Registered
|
| Stock symbol: | NYSE: NMFC
|
| Stock reference price: | $13.81, at market close Sept. 26
|
| Market capitalization: | $1.54 billion
|
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